Lower yields, strong demand tightening U.S. grain supplies

USDA projects record corn and soybean acreage while lowering yield estimates for both crops.

U.S. farmers planted a record number of corn and soybean acres this year, but lower yields and increased demand will lead to tight supplies, the U.S. Department of Agriculture (USDA) said last week in its crop production and monthly supply and demand estimates.

The first survey-based production reports of the year...